IFC Helps Family Businesses in Bangladesh Strengthen Corporate Governance to Stay Competitive
Dhaka, Bangladesh — IFC, a member of the World Bank Group, is helping family-owned businesses in Bangladesh sharpen their awareness of corporate governance best practices to increase their competitiveness and prospects for long-term success.
At a workshop organized in Chittagong under IFC’s Bangladesh Corporate Governance Project, prominent business firms, international experts, and policymakers pooled their knowledge on promoting best practices in corporate governance. It is important for entrepreneurs to improve operational efficiency and attract investment while expanding their business. The Bangladesh Enterprise Institute and Chittagong Skills Development Center partnered with IFC to organize the workshop.
Anant Goenka, Deputy Managing Director of CEAT Tyres, India, said, “We believe that setting the right systems, structures and procedures at our company has led to its robust growth and global success.”
Salahuddin Kasem Khan, Managing Director of AK Khan & Co, said, “Succession planning is a good corporate governance practice that is critical to the survival of family businesses.”
Family businesses dominate the economy in Bangladesh and face the challenge of preparing the next generation to manage companies professionally. Strong corporate governance helps protect minority shareholders, improves performance, ensures companies use their resources more efficiently, and increases access to capital – all vital for sustained economic growth.
“IFC’s global experience has shown that family businesses worldwide can become more sustainable by introducing good corporate governance practices,” said Zakiullah S. Munshi, IFC Project Manager.
IFC’s Bangladesh Corporate Governance Project engages with regulators to improve corporate governance codes. The project aims to raise awareness, and to train intermediaries, investors and companies on improving corporate governance practices. The project also aims to build capacity with local non-governmental organizations and media, and create curricula for universities to reach out to the next generation of senior executives and directors
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. For more information, visit www.ifc.org.
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